ASHLAND COAL TO MARKET METALLURGICAL COAL IN EUROPE
ASHLAND COAL TO MARKET METALLURGICAL COAL IN EUROPE HUNTINGTON, W.Va., Dec. 13 /PRNewswire/ -- Ashland Coal, Inc.
(NYSE: ACI) has appointed Saarbergwerke, A.G. and Carboex International, Ltd. as its exclusive agents for the purpose of selling metallurgical and PCI coal to the steel industry in the Europe area.
Saarbergwerke, A.G., a coal-producing, coal-trading and electric- generating company owned by the Federal Republic of Germany and the State of Saarland, owns 14 percent of Ashland Coal. Carboex International, Ltd., a subsidiary of Sociedad Espanola de Carbon Exterior, S.A., a coal supply firm controlled by Spanish state-owned corporations, owns 9 percent of Ashland Coal. C. Henry Besten, Ashland Coal's senior vice president for marketing, stated, "This sales agency will greatly enhance Ashland Coal's marketing in the European coal metallurgical markets. Saarbergwerke and Carboex have considerable experience in these markets which will be valuable to our sales activities." It is expected that the coal made available for sale under this agency agreement will be principally high volatile coal supplied by Mingo Logan Coal Company, an independent operating subsidiary of Ashland Coal. Mingo Logan is located in southern West Virginia and is served by the Norfolk Southern railroad. Its high-quality coal may be used in both the utility steam coal markets and in the metallurgical coal markets. Production from Mingo Logan in 1992 is expected to be approximately 6 million tons. /delval/ -0- 12/13/91 /CONTACT: David Todd of Ashland Coal, 304-526-3333/ (ACI) CO: Ashland Coal, Inc.; Saarbergwerke, A.G.; Carboex International, Ltd. ST: West Virginia IN: MNG SU:
CC -- PG006 -- 2400 12/13/91 13:23 EST
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|Date:||Dec 13, 1991|
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